Title
Approval of Resolution to Authorize Exercise of Option to Purchase Real Estate Owned by the Dawley Trusts, Commonly Known as Bentridge
Recommended Action
Committee Recommendation:
Not referred to a committee.
City Manager Recommendation:
Move to approve the resolution to authorize the City Manager to exercise the option to purchase real estate owned by the Dawley Trusts and purchase the real property for the City.
Report
Issue:
Whether to exercise the option to purchase and proceed with the purchase of the property commonly known as Bentridge.
Staff Contact:
Paul Simmons, Parks, Arts and Recreation Director, 753.8462
Mark Barber, City Attorney, 753.8338
Presenter(s):
None - Consent Calendar Item.
Background and Analysis:
On September 27, 2016, the City Council approved an Option to Purchase real property owned by the Dawley Trusts. The 71.86-acre parcel is located in the 3900 block of Boulevard Road SE, immediately adjacent to LBA Park, and is the last remaining portion of the "LBA Woods."
Pursuant to the terms of the Dawley Trusts Option, the option agreement will expire on January 31, 2017. Should the City choose not to exercise the option, the City forfeits the entire option payment of $1 million. If the Option is exercised, the balance of the acquisition will be made in three installment payments. The City of Olympia will receive title to the property upon closing.
If the City exercises the option, the intent is to use this property for three primary purposes. The majority of the property (approximately 59 acres) would be dedicated to expanding the City's inventory of park land. A much smaller portion of the property (approximately 2.8 acres) would be dedicated to the future extension of the Log Cabin Road from Boulevard Road to Wiggins Road, as outlined in the Regional Transportation Plan. The remaining portion of the property (approximately 10 acres) is located adjacent to Boulevard Road and would be set aside for development of mul...
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